WC Braker trustees receive court approval of disclosure statement

By Sarah Lizee

Olympia, Wash., Jan. 31 – The Chapter 11 trustees for WC Braker Portfolio, LLC and WC Braker Portfolio B, LLC, borrowing entities of World Class Property Co., received approval of the disclosure statement for their Chapter 11 plan of liquidation for the debtors, according to a docket entry filed Monday with the U.S. Bankruptcy Court for the Western District of Texas.

As previously reported, the plan provides payment of creditors with proceeds from the sale of the Braker Portfolio properties and available cash held by each estate, followed by the wind up of each debtor and closing of each case.

Bids are being solicited for the properties, and an auction is slated for Feb. 14. A sale hearing is scheduled for Feb. 23.

Lender ATX Braker SR, LLC is the stalking horse bidder for the properties, offering a $75.46 million credit bid of the mortgage loan.

Under the plan, administrative and priority tax claims will be paid in full.

The $67.71 million of Braker Portfolio other priority claims, $3.63 million of Braker Portfolio other secured claims, $75.46 million of mortgage loan claims, $808,035.66 Braker Portfolio general unsecured claims, Braker Portfolio interests, Braker Portfolio B other priority claims and Braker Portfolio B other secured claims are unimpaired.

The $33.89 million mezzanine loan claim is impaired. This class will receive cash from remaining net cash proceeds after all allowed senior classes and the wind down reserves are satisfied in full.

Braker Portfolio B general unsecured claims and Braker Portfolio B equity interests are also impaired, and holders will receive a pro rata share of the remaining net cash proceeds after senior classes and the wind down reserves are satisfied in full.

World Class Property Co. is a real estate investment company based in Austin, Tex. WC Braker filed bankruptcy on May 2, 2022 under Chapter 11 case number 22-10293.

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